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Spectrum Brands Reports Record Results for Fiscal 2012
Nov 15, 2012
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Small appliance Spectrum Brands Holdings announced a record performance for its fiscal year 2012, which ended Sept. 30, 2012.

Spectrum Brands reported fiscal year net income of $48.6 million, compared to a net loss of $75.2 million in fiscal 2011. It had fiscal year record net sales of $3.25 billion, up 2.1% from $3.19 billion in the previous fiscal year. Excluding negative foreign exchange impact, net sales grew 4.3%.

Operating income was up 32.4% to $301.8 million from $227.9 million in the previous fiscal year.

"We delivered a record performance in fiscal 2012, and met or exceeded our financial guidance for the year, despite extraordinary, negative foreign currency impacts, challenging global economies, cautious consumer spending, and ongoing commodity and Asian supply chain cost increases," said CEO Dave Lumley. "On a constant currency basis, our fiscal 2012 results were especially strong. Our solid growth...demonstrates we are winning in the marketplace through volume growth, retail distribution gains, new products, geographic expansion, select pricing actions, continued spending controls, and investment paybacks from our global cost improvement programs."

FOURTH QUARTER FISCAL 2012: Spectrum Brands consolidated net sales in the fourth quarter of fiscal 2012 was $832.6 million, up slightly from $827.3 million in 4Q fiscal 2011. Higher revenues in the Global Pet Supplies and Home and Garden segments more than offset lower net sales in the Global Batteries & Appliances segment. Lower sales in Global Batteries & Appliances was primarily due to the planned exit from certain low margin North American small appliances promotional business. Excluding negative foreign exchange impact of $29.3 million, 4Q net sales grew 4.2%.

Gross profit and gross profit margin for the fourth quarter of fiscal 2012 of $280.0 million and 33.6%, respectively - essentially unchanged compared to $280.5 million and 33.9% in the previous year.

GLOBAL BATTERIES & APPLIANCES: The Global Batteries & Appliances segment reported fiscal 2012 fourth quarter net sales of $580.0 million, down 2.2% from $592.9 million in 4Q fiscal 2011.

A net sales increase in the segment's global batteries category was more than offset by lower revenues in personal care products and small electrical appliances. Fiscal 2012 fourth quarter segment sales were hurt by $25.3 million of foreign exchange. Excluding the foreign exchange impact, net sales for the segment grew 2.1% quarter-over-quarter.

Global battery sales in 4Q fiscal 2012 was $264.4 million, a 1.5% increase from $260.5 million a year ago.

SMALL ELECTRICAL APPLIANCES: Small electrical appliances net sales in 4Q of fiscal 2012 of $195.9 million, down 7.1% from $211.0 million last year. The company saw higher net sales in Europe and Latin America, including market share gains, geographic expansion, new customers, and pricing. These gains were more than offset by lower revenues in North America.

Excluding a negative foreign exchange impact of $4.2 million, small electrical appliances net sales were down 5.1% in 4Q fiscal 2012.

In addition to Global Batteries & Appliances, Spectrum Brands segments are Global Pet Supplies and Home and Garden Business.

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